RBI contradicts its own notification, says bank staff union

The Bank Employees Federation of India on Wednesday said the Reserve Bank of India's statement on December 31 contradicted its notification dated November 8.

"Reserve Bank of India (RBI) has given a facility for exchange of specified bank notes (SBNs) during a grace period to Indian citizens and non resident Indian (NRI) citizens who were abroad during November 9, 2016 to December 30, 2016. But the apex bank's November 8 notification said any person who would be unable to exchange or deposits demonetised notes on or before the December 30, 2016, should be given an opportunity," said union's General Secretary Pradip Biswas.

"The (December 31) directive is in direct conflict with RBI notification dated November 8," he said.

In the press statement issued on December 31, the apex bank said: "Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017."

Tthe apex bank in its notification dated November 8, under the provision of exchange facility, said, "any person who is unable to exchange or deposit the specified bank notes in their bank accounts on or before the December 30, 2016, shall be given an opportunity to do so at specified offices of the Reserve Bank or such other facility until a later date as may be specified by it".

"It is apparent and manifest that while on November 8, RBI assured the facility of late-deposit, beyond December 30 to any person, it backtracked on December 31, from its solemn assurance and restricted only to those who, having KYC compliant bank accounts and were out of country during the specified period," Biswas added.

--IANS

bdc/vd